BNP Paribas may be hit bigger fine than expected by U.S.

BNP Paribas warned it might be hit with a U.S. fine 'far in excess' of the $1.1bn which the bank set aside last year to cover litigation costs linked to a potential breach of U.S. sanctions on countries including Iran.

'There is uncertainty with respect to the amount and the nature of penalties the U.S. will impose', BNP Chief Financial Officer Lars Machenil told Reuters Insider television.

'It's not impossible that the fine is far in excess of the ($1.1bn) provision'.

U.S. federal prosecutors are considering criminal charges against BNP for doing business with countries subject to U.S. sanctions such as Iran, Sudan and Cuba, according to a person with knowledge of the matter.

Ian Bolland

A journalism graduate of Liverpool John Moores University. During his time at university, Ian spent time on work experience at local newspapers in Liverpool, Bolton and Wigan, and prior to that he did work for The Observer's 'fans verdict'. Ian also has interests in news, current affairs and business but mostly sport, including football, rugby league, cricket, golf and Formula 1, amongst others.